But as of today, there are still plenty of headwinds for uranium producers such as Saskatoon-based Cameco Corp. So on Tuesday, chief executive Tim Gitzel did something that he hopes will make it easier to push through those headwinds: CamecoFP EnergyBy clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
With uranium prices in free fall, Cameco started reducing operations and shutting down mines, including the gem of its portfolio — MacArthur River, which it calls the world’s largest high grade uranium mine.The supply outlook for Cameco has brightened in recent months, as countries have turned away from buying uranium from Russia following its invasion of Ukraine, and as global uranium stockpiles have slowly been reduced.
By purchasing just under half of Westinghouse — through a joint venture with Toronto-based Brookfield Renewable Partners LP, which is buying 51 per cent for $2.3 billion — Cameco extends its reach into the nuclear reactor life cycle. “We see Cameco’s acquisition of as a strategic move to diversify and vertically integrate along the nuclear value chain as a complement to” its uranium business, Ralph Profitti, an analyst at VII Capital Corp., the investment firm more widely know by its brand name Eight Capital, wrote in a note this week.Article content
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